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announced they were shutting down. we do not help them or america when we keep tax incentives for companies to ship jobs overseas instead of incentivizing companies to hire in wisconsin and in america. we do not help them when we cut programs and raise taxes on the middle class so we can lower the tax rates for the top earners in this country. that seems to be what we received in the budget that is on our guest today. budget should reflect values. what we need to do is focus on economic growth and how to get the people of america back to work. we need a real path to prosperity. when we invest in infrastructure, research, development, small business loans, we can increase competitiveness globally and support small business owners and create jobs. i want to work with all my colleagues on the budget committee on a balanced budget that focuses on job growth and can responsibly reduce the deficit. instead of resorting to recycled policies that have been rejected by the public and congress, we need to focus on ways we can work together to move our economy forward. i yield back the balance of my t
is back, and the $13 billion bailout in cypress. they want to pay for it by taxing people's bank accounts. dagen: the president will announce his no , nominee for s secretary. another looks at a man's record over at the justice department. connell: the cyber threats, a new report according to an isp, nigeria as being the worst for spam. dagen: the corporate tax burden in the country. who pays the most? those stories and much more coming up in hour on "markets now." ♪ connell: markets are going back to positive. dagen: who has a greater connection than anyone in the building. connell: good morning, nicole. dagen: good morning, yes, my mother and father were born in cypress, but i want to look here at the averages, a lot stemming from what we heard in cypress, them giving a vote to tax the depositors there, and that, in turn, could really pressure europe overall, that vote takes place tomorrow. the banks closed until thursday. the euro is at a four month low, and people are spooked. i mean, that's really what's occurring here, down 45 points for the dow jones industrials, so that's down
a responsible plan to balance the budget. the plan will hold washington accountable to fix our broken tax code and repair the safety net, expand opportunities for american families, and create a more accountable and efficient and effective government. the budget will help promote a path to energy security by increasing opportunities to expand production of america's abundant energy resources and this budget will stop the unfair use of funding from hard- working americans. as a job creator and a cpa, i have seen firsthand how domestic american energy production can be a valuable component in creating jobs and fixing our nation's balance. the u.s. has combined recoverable and natural gas, oil, and coal and that is the largest in the earth, larger than russia, saudi arabia, or china. today, the united states is known as the saudi arabia of natural gas. the chart on the screen, if we can bring it up, illustrates how we can bring revenues by hundreds of billions of dollars by not enacting punitive taxes and by expanding exploration for energy on federal lands and oceans. the loss potential is also
. he's planning this year to abolish the corporate and individual income tax, moving in a very different direction than the national democrats want to and winning elections with that approach. so there's a lot to be learned both by the failure of the romney campaign and the senate races and the successes the republicans have had at the state level. >> host: and we're taking your calls in this segment with grover norquist with americans for tax reform. the phone lines are open. democrats, 202-585-3880. republicans, 202-585-3881. independents, 202-585-3882. grover norquist known as an expert on some of these budget issues. you bring up the senate budget that we saw from budget chairwoman patty murray last week with. talk about that and how you think it compares to paul ryan's budget. >> guest: there are two major differences. they certainly go in different directions. the paul ryan budget balances in ten years and does not raise taxes. patty murray's budget never balances and raises taxes $1.5 trillion over the next decade. so what the democrats and patty murray are saying in add
the sequester and in committee, democrats proposed to close those special interest tax loopholes that riddle our tax code, republicans said no. democrats proposed to offset unwise republican cuts to medical research like alzheimer's, cancer, diabetes research at n.i.h., republicans said no. democrats tried to cut the special interest spending in the tax code to offset republican cuts to students who rely on pell grants but republicans said no. mr. van hollen: i yield the gentleman another minute and a half. the chair: the gentleman is recognized. ms. castor: the democrats in the budget committee proposed to strengthen medicare and replace the republican plan to turn medicare into a voucher program. all it does is simply shift the cost tour families and older neighbors. mr. speaker, this republican budget is not consistent with american values. it is not fiscally responsible. it is a charade, it is a capitulation to the tea party. it does not serve us well in economic recovery and the ways we want to grow america. it's a plan for economic weakness. it's a receding vision of american greatness. in
chairman paul ryan. he says that it will balance the budget in 10 years without raising taxes by reducing spending over the next decade by 5.7 trillion. it would also repeal president obama's health care law and make changes to thed to and medicare. this portion of the markup is 2-1/2 hours. . under the structure we have developed we will begin by having presentations on the budget in our control by the majority and hour controlled by the minority i will make an opening statement and then mr. valholen will also make an opening statement. any other members may enter statements into the record. the remaining time left and then the minority will use the remaining time left in its hour. mr. valholen's time and my time will come out of our hour. after the presentations we will have a staff walk through which means members can ask questions they have. after the staff walk thru, we will proceed to the amendments in a structure that i have worked out with the ranking member the structure that we have had standing tradition of. i will describe that when we get to that point. we will do tier 1, 12,
their proposals on taxes. under their budget, the top rate is to be reduced from 39.6% to 25%. the a.m.t. will be repealed. the corporate tax rate will be cut from 35% to 25%. but you don't find one sill bell in the republican budget on how these tax cuts will be paid for. . they don't identify a single tax policy that will end. the republican budget would mean a huge tax cut for the very wealthy, several $100,000 a year and leave a nearly $6 trillion hole in the deficit that would lead to tax increases for middle-income families. that isn't balance. that is total imbalance. at the same time, republicans propose cutting $3.3 trillion from programs for people with low and moderate incomes, including hundreds of billions of dollars for food nutrition and medicaid programs. so i want to end by asking the republicans when they come and talk about their tax proposals to name a specific that they would address. it's not in the republican budget. name one, name two, name three. otherwise, it's worse than empty. the chair: the time of the gentleman has expired. the gentleman from wisconsin.
with mandatory spending or comprehensive tax refm. that is what it will take. neil: do you think that bernie marcus, the home depot cofounder, was telling me on fox news, the spenders are using a pr war, the strong stock market, improving economic numbers as jusjustification for more spend. >> i don't buy that, i don't think that the sck marke is as pro efficient -- prefish ent as people think, we don't need to been the budget, the way that the government calculates a balanced budget is a bad joke, we do have to do, we have to start treating the disease, deal with health care costs, deal socialnsurance programs. neil: they are not. they might -- but remind me,er dayhey don't, a new pore added to our -- a few more added to our debt. all unfunded. >> that is right, that is what we need. >> you local starkest terms. >> the full view, if we look at big number, over 70 trillio, if we end up doing -- >> how does that work? >> debt held by public, held by social security medicare trustee fund, and pensions unfunded, arrange of commitment contingency, and unfunded social security and medicare promis
to identity theft, especially during tax season. >> announcer: every year, millions of americans learn all it may take to devastate your life is a little personal information in the wrong hands. your identity needs protection, and no one does it better than lifelock. >> identity thieves steal from everyone. you have to protect yourself. i protect myself with lifelock. >> announcer: lifelock offers the most comprehenve identity theft protection, period. and lifelock ultimate was named "best in detection". lifelock's 24/7 proactive protection alerts you as soon as they detect an attack within their network, before it's too late. lifelock protects your social security number, money, credit, even the equity in your home. while identity theft can't be completely stopped, no one protects you better than lifelock. and lifelock snds behind that with the power of their $1 million service guarantee. you have so much to protect and nothing to lose when you call lifelock right now and try 60 days of identity theft protection risk-free. 60 days risk-free! use promo code: taxrefund. order now and get th
. future number two is, you don't change the spending which means you have to raise taxes to avoid a big debt crisis. then you have to raise the top marginal tax rate to 92% in order to close the gap. there is no way you're going to get a business to invest with a 92% tax rate. high taxes are disaster. i mean look, melissa, open a business in a world with high taxes or disaster, which would you pick? that's where we are. melissa: i hear you. what were the some of the things you heard from other people on the panel that were persuasive? when you looked out in the audience, were people listening? were they writing things down or empty chamber no one is really paying attention? >> well, here's the good news. the panel consisted of republicans, democrats, academics and former senator judd gregg and there isn't one person on the panel who did not say we have a problem and that problem is urgent. it should be dealt with now. we might disagree to the degree spending is the top issue and taxes can deal with it but no one is there saying hey, do nothing. that's what makes me most nervous about th
these knuckleheads? orregard to taxing the rich cutting out loopholes, everybody in this country gets some form of entitlement in one shape or form. i don't understand why because i get a paycheck and somebody else makes their money through investments or a different way, why i am taxed more. if you earn money, you get taxed on it the same as everybody else. i do not agree with that at all. and i don't understand why we have to give tax subsidies to corporations that do not need it. why on earth does the oil company need our money? why does the agriculture business need our money? you are making enough money. cut out the tax loopholes and we can get out of this mess. host: we are covering the cpac conference and there are a number of ways you can watch and listen. depending on what the house yesterday, we will be live with the house this morning, once the house recesses, the cpac coverage can be seen on this network. you can also listen on c-span radio and wanted anytime on our website, c-span.org. also be a location to what some of the conferences that get underway this morning. some other com
indicated around incentivizing small businesses, 0-25, but offering them tax credits to make the cost of coverage from the employer's perspective more affordable. >> okay, great, thank you. >> commissioner o'brien. >> would you say in your opinion, that there is a lot of overlap between the two programs? i mean i'm trying to see if the health care act is left in case, which is obviously going to be the place and the other option was taken out, the health security, would that leave a wide slot or section of people that are vulnerable and not covered that wouldn't fall under the umbrella of the affordable care act? i'm trying to -- it's extremely complicated and we're finding out it's going to take a lot of work to research how these programs work on their own first, and then between each other. and i was wondering would it be easier to amend one of them to sort of just be adjusted to fill in the gaps of the care act that doesn't cover it? so that it would be easish to manage the whole thing? would time be sent better trying to engineer it that way, then trying to evolve both of
to be a temporary hike of taxes on but made them perm innocent locking in place an 8.8% top rate that could have new york's most productive residents taking eyes, and it's could take a hike, but will. i was thinking of that, will burr, it's another 9% on the top rate, close to 40%, half writeoffs saying nothing of the other taxes. you're paying 50% in taxes right out the gate. what's the deal? >> well, it's disappointing in that the business community, and the temporary increase part of the overall -- neil: must have known it was not temporary. >> well, no, we believed it would be, and went along with it as part of the overall reform, and he did make some good reforms, but this one is quite different. as far as i can see, this is paired with the $350 check being dulled out to sort of upper middle class people, and then -- neil: robbing peter to pay paul. >> yeah. neil: you think you were snickered? >> a direct money transfer from people in one income bracket to people in another income bracket. neil: so here you were trying to be pragmatic of this, this guy might be a different type of democrat, unl
it to the rich. let's raise taxes trillions of dollars. let's go and stick it to special interests like people who he provide gasoline at the pump. to raise taxes on oil companies. ladies and gentlemen, every time you raise taxes, you raise prices. and every time you race -- raise prices the consumer has to pay more for it. these are the ideas that make america less able to be prepared for its future and cost more money. that's why when you look at this slide you see where the laws already enacted by the democrats are leading america to where we will be functionally bankrupt. we are following theure peaian model exactly what -- the european model exactly what they have done over there for a number of years and now we are seeing firsthand, iceland, greece, cyprus just yesterday. this is the pathway that if our friends, the democrats, get their say, this is where they'll lead us. so republicans through paul ryan spoke about we want to make sure that medicare, social security, that the free enterprise system is alive and well by making these plans and the process therein ready for the employers a
on public servants, wasted money spent in the financial crisis and the only thing is higher taxes. >> there is an oversight of spending tax dollars, we have known that for a while. with the story with school superintendent, national average 162,000 to be a school superintendent but some of these guys are running half a dozen schools, less than a million students, some of them are making 200,000 or more. it is amazing there is no transparency, little oversight for the public servants will scream about the private sector. look to your own backyard. charles: the same ideology that argues about corporate salaries uses that as an excuse to bump up their own salaries. digging a were using to bump up your salaries? connell: thank you, charles, appreciate it. dagen: i am taken mcdonnell. connell: i am connell mcshane. thank you for joining us and this is what is keeping washington up at night. preventing a budget deal from happening. dagen: a big day for bernanke and company. is it time for the central bank to pull back on the bond buying? connell: and the taiwan factory making the recall
wanted to commend it administration for its aggressiveness in getting this person. a tax that may be planned by al qaeda -- attacks that may be planned by al qaeda. all of us should agree that the work that you have done and what the fbi has done since 9/11, really protecting the country against any massive domestic terrorist attacks, and all of your activities internationally, it has really been remarkable. not itscy, it was primary focus on 9/11, but as much of the country, we've had to focus more intently on this issue. i do want to bring you back home. my final question is about the budget and appropriations and the department of justice. we imprison more people than any other nation in the world through our state and federal prison systems. 24% of the doj budget -- you are at about 29%. it will continue to rise. at some point, we need to think differently about what we're doing with people. i have constituents, family, children, we all want to be protected from dangerous people. a society ought to be protected. people involved in wrongdoing should be punished. at some point a
of that magic fairy dust that ways and means is going to use to be able to eliminate the alternative minimum tax, be able to lower the top rate to 25%. you go through the areas that are outlined here on page 73, whatever that magic ways and means very dust is that allows us to do these magical things, let's do the same and at least at a minimum be able to maintain and increase in the budget authority and the outlays for the function for hundred so that we can continue at least at the current, inadequate level, rather than see a reduction of about one-third. i think this is an important policy statement for the committee in advance of what i hope is a serious conversation about what is a crisis for many people in the country. ironically, i think most of us would agree infrastructure investment is the quickest way to provide family wage jobs and improve the economy in every one of our districts, in every state in the union. i would turn, if i could, to my colleague, mr. polcan, who has some of the rations. >> i am glad you brought this amendment forward, mr. blumenauer. when i was on the joint com
taxes you can take until you topple the entire economy. this is the challenge that this week will have. this week republicans will have a budget that balances in ten years. the democrats' budget never balances. no household can run that way. >> let me challenge you on this point because here is paul ryan this week, and he laid out very clearly what he thought the job was. let me play that. >> we think we owe the country a balanced budget. we think we owe the country solutions to big problems that are plaguing our nation -- a debt crisis on the horizon, a slow-growing economy, people trapped in poverty. we're showing our answers. >> right, but the answers rely on $700 billion in savings from interest. most of the deficit reduction comes from repealing the president's health care reform, which nobody thinks is going to happen. so how seriously should this be viewed as a roadmap for a balanced budget? >> it should be very serious, because budgets -- >> you're not going to repeal obama care. >> budgets are blue prints and priorities. we lay out. we think obama care should be repealed. the
at as nation's governments weighs a new bank account tax. there would be a 3% tax for deposits under $100 thousand euros, and a 10% tax and 15% tax for amounts larger than 500,000 euros, country central bank declaring a holiday until thursday, when they vote on the plan, this is sparking investor fears at home, joining me now lance roberts, host of street talk live, and xena. partner and cfa, welcome all, great to have you here, lance, i'll start with you, i have to assume some wealthy individuals are having questions about safety of their money, have you gotten any calls, are you expecting any? >> i'm not expecting any but i would not be surprised to see people talk more about this in next few days it is very late tonight anyway it looks like they will preserve the under $100 thousand mark and go after larger deposits, but the question, here in u.s., could it happen here? probably not. but the question is, ha hasn't t already happen with standpoint feds suppressing interest rates, that is the rate less than inflation, negative interest rate it has already happened here. gerri: let's go t
so far, everything we voted on has been anything but tax reform and pro-jobs legislation. the energy to power an american renaissance is right below our feet. west virginia is blessed with abundant natural resources, and more than that, an army of great men and women willing to extract it. pursuing environmental policy is based on unproven science is the wrong path -- policies based on unproven science is the wrong path. [applause]finally, at home i'm working to empower students by detailing the bureaucracy that has prohibited positive education reform for decades. revitalization is predicated on leadership. the societal problems dragging our country down are not new. they are magnified during economic downturn. as conservatives, we have to lead by example. my mother always told me, you can't stop through legislation. it has to come from the heart. the westery day in virginia legislature to impart the tenets of servitude as him to everyone who has been tasked to lead my great state. you'd be surprised how much have in common with people, even when they're on the other sid
to end medicare as we know it. nobody, as in the ryan budget, wants to reduce taxes dramatically on the wealthiest americans -- 39% to 25% -- and then take away deductions from middle-class people, good deductions that make sense like the mortgage deduction, the charitable deduction, the retitle deduction, the health care reduction. no, no wants to do that. and no one wants to eat our seed corn. investment in education, investment in infrastructure, investment in sign b scientific research in order to keep narrow loopholes open, reductions if you move the business overseas. no, they don't want to debate that. but now we have a budget. because of the leadership of the chair of the budget committee and the members of her committee -- and, by the way, this is no -- this is not a small group of democrats. it runs from our most liberal members to our most conservative members, all united around the budget that is fiscally responsible. it meets the gramm-rudman -- i mean, i'm on old guy -- the simpson-bowles constraints, budget target. it invests in jobs in the economy, and closes loop
to pick up. do not get too excited when all the obamacare taxes kick in next year. i would go into any of the markets like miami. the whole purchase to rent phenomenon, all the investors are jumping in and buying rental properties. the holster is wearing off on that. it did not turn out as good as they thought. look at those cities. vegas, phoenix, anything -- really, the fed induces this massive wild swing in bubbles. they are not sustainable. just watch out. dagen: anthony, it was great to see you. thanks a lot. connell: great to see you, as always. how about starbucks. this is a headline today. helps to explore different farming techniques. a disease called coffee rust. it has been hidden industry pretty hard. dagen: you can see through the pants. lulu lemon pulled some of its yoga pants off store shelves. the company claims the mistake impacts 17%. it was made by a supplier. lulu lemon offering full refunds to customers. they are trying to figure out what exactly happened. it is hard to make up a story this good. shares are down more than 5% today. connell: it is like christmas for
increases taxes by $1 trillion, proposes $100 billion on stimulus spending and will never balance. this mentality got our nation in a fiscal mess in the first place. i commend them for finally putting a budget on paper. at least they articulated where they stand. however, this administration remains delinquent in their duty to send a budget to congress. news reports indicate it may come in april if at all. they claimed that the delay is the result of congressional debate that's surrounding the fiscal cliff and disaster. mr. collins: uncertainty to buck their responsibility to craft a budget is unconscionable. attacking this body's balanced budget approach when they haven't produced their own plan veals putting their partisan politics ahead of their future. they should send to congress a balanced budget. the speaker pro tempore: the gentleman's time has expired. once again, the house will be in order. members and staff, please remove conversations from the floor. for what purpose does the gentleman from california rise? >> mr. speaker, i ask unanimous consent to address the house f
taxes and pay cuts, instead what they did was they taxed bank deposits. they're calling it a tax. a lot of folks are calling it a seizure. here's what's significant. even small depositors below the insurance threshold are going to get hit. the original number for small depositors below 100,000 euros was 6.5%. they're working in parliament right now about shifting that and any other subsequent plan suggests that if you have insured money it will still get hit. what did we see over the week whend this announcement happened on yesterday? runs on the atms at the banks in cypress because they'd shut down the banks as a result of this. they stopped all wire transfers and you also if you tried to take money out they had partitioned out the amount of money that you were supposed to be giveing to the government each though there hasn't been a vote in parliament. why did cypress need a bailout? its banks are bust. the reason the banks in sicypru they bet the greek debt would not be restructured but it was. that's left a lot of them insolvent. the banks in cyprus are huge, eight times the size of
tax reform that does not raise revenues but reduces the burdens of our tax code on small businesses and individuals. and regulatory reforms that likewise reduce the ongoing burdens on small businesses, job creation, and those struggling to achieve the economic train. i was encouraged by his answer to both questions. on tax reform in particular, the president ported -- pointed to corporate tax reform. he said he believed there was a lot of agreement between republicans and democrats on corporate tax reform, on broadening the base and lowering the rates so we can be internationally competitive and remaining revenue neutral. all of that was encouraging. those were principles that have wide agreement. if we lower our rates, our country has the highest of any developed country in the world. over a trillion dollars -- over $1 trillion of capital is overseas. we need to bring that back so we can get back to work appeared i was encouraged but his expression of willingness to get that done. on the second issue, on reducing the burden of regulations, job creation, economic growth, he likewise
anything of the sort. bowles-simpson >> balsams and called for tax reform. this budget does nothing of that sort. i cannot see how people simpson is among the reasons why he supports it. >> thank you. there is a similarity in there was a cause for a spending reduction in our tax code, the credits and bypassing collection. senator sanders was referring to the cayman islands earlier. i believe senator levin has talked about $70 billion in net revenue, companies that do not pay a cent in taxes. that type of spending through credits and deductions has grown phenomenally. the powerful in our country, the want their projects to be funded through the tax code, because unlike a preparations, it is not examined every year. that is a very clever strategy and puts them in a very different class and working people who are benefited by programs that are funded every year. it is unacceptable if you come to the core concept of fairness. the actual language in the reconciliation instruction refers to the level of revenues. the explanatory instructions in the back, page 61, talks specifically about
. then we look at the three-year tax return and that statement. we do a lot of home care and mom-and-pop shops. we also do start ups. we asked for approval through documents. we work a lot with people who do not know how to file taxes properly. we are mainly focused in san francisco. we are small. we focus mainly on the tenderloin, chinatown, bayview, visitation. we do a lot of expansion. people start small through the credit union and then want to go to the bank. we know we are limited. we cannot afford to give out a big loan. starting from the credit union, we educate them about filing taxes properly and then moving on to the bank, a small one, expansion, and we work with the bank. the bank and credit union are similar. we do allow tax returns, projections. credit unions do not charge an additional loan or processing fee. processing time, on a small loan, -- consumer loans probably a few days. because we require a business plan, sometimes it takes longer. business plans take a while. especially bank statements. we need to see consistent income coming in. so far, a credit union
: yes, we are at peak billionaire. [laughter] partly due to tax policies that favor the billionaire super rich, and partly due to cloning themselves for spare parts. lax la. [laughter] and now that we ultra-loaded are so numerous again, i'm gonna give the moneyed masses the news they can use--- this is colbert platinum! [cheers and applause] ♪ a quick reminder: this segment is for platinum members only. so if your personal food taster doesn't have a personal trainer, why don't you run along and see if your local valpak has coupon for irregular hamburger meat? [laughter] okay, they're gone. platinum nation, as the ranks of us superrich continue to swell, you need a ride that says "suck on my money sack," tastefully. [laughter] now, you've got your rolls, your maybach, your astin martin. but if you really want to turn heads you'll need the 2013 pagani huayra, an ultra-luxury sports car that can go 230 miles an hour with a price tag of $1.2 million. [audience oohhs] it's a vehicle of such prestige, that the side mirrors read: warning: people in mirror are just objects. don't worry ab
for medicare. or else i lose my provider, and i think that's a tax they are putting on people with -- bilities and trying to got to pay on their disability. and those with legionnaires disease or h.i.v., dirty needles. host: ray, atlanta, georgia, republican party. good morning. caller: good morning. very interesting conversation you're having this morning. i have found that most people pend a fairer amount of time planning for their vacation than for their retirement. i work with a fortune 10 company and have been with them for 28 years so at the water cooler hearing different conversations if you ask people how much money they have in their 401-k, a lot of them have no idea nor do they have any idea on the different plans to put their money in. it's rather appalling, actually. host: ray, how old are you? caller: 52. host: when do you plan to retire? caller: i'm going to work until i'm 62-63 years old. something about public america, i have a -- family members with retirement pensions about $65,000. being in corporate america my pension is nowhere near that, so if we don't save in our 401-k t
were struggling under he harsh new austerity measures, the ryan plan would cut tax billers in most fortunate. last year the joint economic committee estimates that ryan's tax plan would lower taxes for millionaires by about $300,000 while raising taxes for individual taxpayers earning between $30,000 and $100,000 by over $4,000. how fair is that? at a time when income inequality is widely viewed as a very serious problem in our country, the ryan plan would make it worse. the gap between the haves and the have-nots would grow larger under the ryan plan. the ryan plan would ask tens of millions to bear additional burdens, pay additional taxes, face additional hardships. while it cut taxes for the fortunate few and preserved loopholes for big oil and spent an additional half million dollars on the military over the next 10 years. and at the end of a decade of paying -- of painful cuts, according to the nonpartisan tax policy center, the ryan budget would have managed to actually add $5.7 trillion to the deficit . a close look at the math makes it clear that the ryan budget can't recou
the senate majority. >> president ronald reagan. >> principles. liberal. a sign of tax increase and pro- abortion law in california. ahead of his time. reagan was a liberal. >> president barack obama. clark's greatest president of the 21st century. >> a cold, remote, and deeply cynical. >> god. god is love. [applause] satan. >> satan is hate. the dark lord of good inte ntions. >> hugo chavez. e now.qaan's roommat [laughter] [indiscernible] [bell] >> that is the end. who is the winner? is it paul? son?t tucker carlon go back and read the papers. we want to thank each of these. i want to thank paul because it is a little more of an uphill climb. we are delighted to have you. thank you so much. i appreciate it. ♪ >> continuous coverage. rick perry.or mitt romney will a trust -- mitt romney will address the conference of this afternoon. ♪ >> god bless texas. god bless texas. thank you. they said you have to turn to the left. i said i do not go left well at all. it is a big honor to be asked to speak. i want to say thank you to those of you who have allowed me to come. for all of the bad
frantically looking to rejigger the tax. i stress, not eliminating the tax. maybe focus on the rich. take 20% of their dough. hard to say. this much is not. it is going to happen. because the government needs the dough. if they still want to get european union dough. it gets weird and complicated. desperate to stay in the euro club. does this ring a bell? it should. no one is taxing the bank holdings, thanks to obamacare, they are going after the other assets. 3.7% on investment sales larger than 100,000 grand. the next time you try to sell your house, trust me. you will hit the roof. think about that. tax not on your income, earned or unearned but your assets. what you have, what you own. your tangible assets. home here, bank account there. is there difference? no. no difference between american government taxing you for medical devices and what it deems as a medical insurance plan. taxing you not on what you make but what you have. the stuff you attain through life of work no, matter when you work or how much you made when you work. stuff you got now. to government, it sees that y
.ing a move that has -- considering a move with major implications all over the world. officials want to tax a percentage of every individual savings account and they would reach in the account and take the money. as you can imagine, the reaction has been fierce. senior foreign affairs correspondent greg greg palkot has the story tonight from london. >> the mediterranean island nation of cyprus is small but it rocks the global markets, including the u.s. because it's going to do the unthinkable. fund a near bankrupt government. at least the solution we went for is for sure not the one we would have liked. but under the circumstances, it was the least painful one. >> exchange for a bail-out from the european union and imf, cyprus wants a so-called tax of around 10% on account of $130,000 and over and 7% for the rest. exposure to invest in the greece and lax banking regulations are to blame. attracting foreign investors including russians. brussels and germany are seen by cypriates as the villain. >> we don't want germany here. we don't want them to help them at all. >> all of this is causing
a budget in balance through largely spending cuts and largely no tax hikes, in other corner democratic senator patty murray. a case of us likely losing, because the cuts really are not there we have rick yo joining m -- a little boxing reference, you have to know that. all right, so, what do you think elizabeth? leaving aside in controversial things that paul ryan wants to do. in the en, just trimming the increase, that is it? >> yeah, i think one of the big thing here's that people lose sight of is balancing the budget, patty murray supposed budget does not even balance, it is supposed to raise a trillion in revenue, that tells you, this is more of a shopping spree than a budget, people need to remember that a budget hopefully means you are only spending as much as you take in, not more. neil: scott martin, the markets seem to sense, maybe that despite all of the just erring -- gesturing we're at least, cutting the growth and stuff, we're not really cutting but that is better than doing nothing? or am i misreading the market? >> you are reading it correctly, that is a reason we had su
about cyprus and what they'r they are doing, thet off this decision to tax or confiscate the bank accounts, but what happens now? how will they please those at the imf and the european union? big questions remain and that is why you see the red arrows. but just squeezing out a gain for now. lauren: investors also applied to the safety of u.s. treasuries today rallied for a third day pushing the yield on the 10-year note to a two-week low. david: without the fed announced what they are going to announce on wednesday. oil closing below $93 per barrel, this is the first fall for crude in four sessions, dropping 1.7% settling at $92.16 per barrel. lauren: and you have to look at the retailer's underperforming the market today especially the key names. american eagle, abercrombie and fitch, all falling greater than 3%. david: the stocks are much the same. rejecting the confiscation of bank accounts but there are things going on here in america that are not as friendly. the chief research officer joining us with a disturbing new report, one that shows the united states is falling behind
in this -- in this town when what he's doing is redefining terms. so, he's redefining tax reform not the traditional word of tax reform, meaning you lower rates and use that to close loopholes to lower rates. he wants to use it to say, well, we're going to close loopholes to pay for more spending. >> congressman tom price and why no budget. what was his explanation, why he has no budget. the senate has a budget and the house has a budget. >> again, he had a very difficult time answering that question. >> what did he say? >> i mean, it was like, look, you've listened to him. he's got no substantive answer when tom price-- >> what did he say, i'm too busy or they're working on it? >> look, it's going to come and avoiding eye contact, a couple of weeks. well, it's late already and he was challenged in the meeting, are you presenting this late on a rope-a-dope effort after we passed the budget that paul ryan is leading us on? it's all of those sorts of things and here this was a big attempt to try and bring people together. i thought, look, our members respect the presidency and we're respectful of him in th
about the action by the board of equalization to improve the increase in the state gas tax. and just to clarify what that action was in 2009, 10. the state legislature adopted legislation that basically converted of what used to be proposition 42, which was funded from the sales tax on gas into a pure, based funding source. and to accomplish that, they had to develop language that directed the board of equalization, to maintain the same level of gross revenues, that the combined base excise tax and ropcysing 42 would have generated. s so the action to approve a 3.5 percent hike in the gas tax is consistent with what would have been the taxes that the motorists would have been paying without the tax swap and the board of equalization approval. in fact, in many ways, the board of equalization approval is almost ministerial in effect and nobody knows what would happen if they had would rejected it. that has happened and the money generates 3.5 percent and the tax is an additional 3.5 cents per gallon which is 500 million a year and it is dedicated to local streets and roads and to the s
the budget. that would eliminate the deficit. on the senate side, we have accommodation of raising taxes by getting rid of unspecified tax loopholes and also cutting spending in areas like on subsidies and making changes to programs like medicare and medicaid. the democrats are pushing forward their plan. but right now there is no bipartisan plan to merge. in this slow and thoughtful thing, we will have to wait and see. >> i know you don't like the editorials from the publication "the wall street journal." this title is a key to the senate democrats play a role in the budget negotiations. beginning with these words, ring the church bells and set up the white smoke. senate democrats have released their first budget in four years. give patty murray credit for finally proposing something in public view. but after reading the document, we can say we can see why the democrats were so reluctant for so long. then the editorial spells out some specifics. >> they did not put forward a budget for warriors. we went through a crazy for years with the economy. we went to the financial crisis and the
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